Finding 519582 (2023-001)

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Requirement
L
Questioned Costs
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Year
2023
Accepted
2025-01-17

AI Summary

  • Answer: Management plans to calculate and deposit estimates within 90 days after year-end.
  • Trend: This change aims to improve compliance with financial reporting timelines.
  • List: Follow up on the implementation of this new process to ensure timely deposits.

Finding Text

Views of Responsible Officials and Planned Corrective Actions: In the future, management will calculate and make an estimated deposit within the 90 days of year end.

Corrective Action Plan

Please be advised that we are aware of the requirement to deposit surplus cash by 90 days after the year end. So, while the deposit was due by 12/31/23, at that time the project didn’t have available cash to make that deposit in the amount of $35,253. We were waiting for several large checks to get deposited for tenants who were delinquent, and we also had major increases in our insurance costs and those premiums were due in late December 2023. The required deposit will be made by May 31, 2024.

Categories

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.195 Section 8 Housing Assistance Payments Program $799,214